GM. Crypto Nutshell dropping in hot! 🫶 🥜 

The crypto newsletter more loyal than a dire wolf standing by the side of the children of the North... 🐺❄️

Today, we’ll discuss:

• Another HUGE asset manager joins the ETF race 🏎️

• Interest rates and the impact on Bitcoin 🏦 

• HODLers rising up 📈

• And more…

MARKET WATCH ⚖️

Only the top 20 coins measured by market cap feature in this section

ANOTHER ONE 🫵

JUST IN: Franklin Templeton files for spot Bitcoin ETF 🤑

Word has just come in that asset manager Franklin Templeton has applied with the SEC to launch a spot Bitcoin ETF. 😲

This is BIG news for Bitcoin. Another giant has joined the race for a spot Bitcoin ETF. If you’re unaware, Franklin Templeton is HUGE. They currently have $1.5 Trillion in assets under management. 🤯

In it’s application, Franklin Templeton noted the risk from regulatory uncertainty:

As a quick refresher these are the current spot Bitcoin ETF applications:

• BlackRock ($10T)

• Fidelity ($4.5T)

• Franklin Templeton ($1.5T)

• Invesco Galaxy ($1.5T)

• WisdomTree ($87B)

• VanEck ($61B)

• GlobalX ($40B)

• ARK Invest ($14B)

• Bitwise ($1B)

• Valkyrie ($1B)

Put this all together, and we have $17.7 Trillion coming for Bitcoin…

For the full article click here.

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HOW DO INTEREST RATES IMPACT BITCOIN 🤔

Most experts right now agree that the FED is going to pause and / or cut rates in Q4 or Q1 next year.

Lower interest rates is a good thing for Bitcoin & crypto. It means cheaper borrowing and more money sloshing around in the economy. That money disproportionately finds a home in Bitcoin & crypto. Which means it out-returns other assets. 📈

But wait.

Everyone thought after the regional banking crisis the FED would pause or cut rates... yet we’ve seen 3 rate hikes since then.

What if the FED doesn’t pause and continues to raise rates? 🤔

That’s the question Arthur Hayes answered, in his most recent blog post.

If you don’t know Hayes, here’s why you should listen to him:

• Crypto veteran who founded BitMex

• Net worth of over $500 million which he made in crypto

• An expert of all things crypto and macroeconomics

Hayes believes that even in a scenario where the FED continues to raise rates, Bitcoin and crypto will still perform well. ☀️

The reason? Traditional economic theories about Bitcoin and interest rates no longer apply due to the IMMENSE levels of debt held by the U.S government.

If interest rates keep going up, the government will have to pay more money to wealthy individuals that are holding bonds. This, in a round-about way, stimulates the economy.

These bondholders will park their extra capital in riskier and riskier assets. Thus Bitcoin & crypto will benefit.

Bottom Line: The U.S Government has quite literally printed itself into a corner. 💴 

No matter what they do - pause, cut or continue to raise interest rates - all roads lead to a higher Bitcoin price.

HODL ON 🧑‍🤝‍🧑

The supply held by long-term holders continues to break past all time highs, reaching 14.75 million Bitcoin. 📈

On the other side. The supply held by short-term holders has reached all time low levels, comparable to 2011. 📉

• 🔵 Long-term holder supply: coins held for longer than 155 days

• 🔴 Short-term holder supply: coins held for less than 155 days

This 155-day threshold is highlighted in the chart below. As of today this threshold is at ~$30,000.

Notice how the markets have been pretty quiet recently?

That’s because the short-term holders have been flushed out. And short-term holders are typically the most active cohort in the market. Without them we see dwindling trading volume and price action…

It’s safe to say that the only ones who remain are the HODLers. The good news is that these investors have a strong long term conviction on Bitcoin’s future.

Overall, this isn’t really a bad thing. It’s very typical of the current market conditions, some refer to it as the “accumulation” phase of Bitcoin.

Bottom Line: As the name implies. It’s accumulation time. Just remember that we have the Bitcoin halving and ETFs fast approaching…

WHAT WE’RE READING 📚

Want to get even smarter in Crypto before the bull run? Check these out.

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CRACKING CRYPTO 🥜

CAN YOU CRACK THIS NUT? ✍️

Yesterday we spoke about one unfortunate Bitcoin user who spent way too much on a transaction fee. What was the value of this transaction fee in BTC?

• A) 19 BTC

• B) 10 BTC

• C) 20 BTC

• D) 25 BTC

Find out the answer at the bottom of “Meme Corner” below 😀

MEME CORNER 😂

Because what would the crypto world be without its share of memes?

Trivia Answer: C) 20 BTC 🥳 

Yep that’s right! Imagine spending 20 BTC (~$510,000) on transaction fees. ouch. 🥲

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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.